Chennai: Diversified group ITC has moved the National Company Law Tribunal against Hotel Leelaventure alleging “oppression and mismanagement”.
ITC’s current plea was mentioned before the Mumbai bench of the NCLT, which has posted the matter for hearing tomorrow, Hotel Leelaventure said in a regulatory filing.
ITC, along with the petition, has also filed two applications seeking waiver of the requirement of minimum threshold of 10 per cent shareholding, it added.
ITC which holds 7.92 per cent stake in Hotel Leelaventure at present did not share the reason for which it has moved NCLT against Hotel Leelaventures.
On 18 March, Hotel Leelaventure had announced sale of its four hotels located in Chennai, Bengaluru, Delhi and Udaipur, and a property to Canadian investment fund Brookfield for Rs 3,950 crore.